Amiantit signed a share purchase agreement with Deccan Enterprises

20/12/2017 09:00 AST

Amiantit signed a share purchase agreement with the Deccan Enterprises Ltd. (India) whereby Amiantit acquires from Deccan the minority shares of Amiantit Rubber Industries Co. Ltd. (ARIL) which operates in the rubber manufacturing industry. Amiantit is purchasing 20% of the shares of ARIL, thereby becoming the sole shareholder of this company, for a total consideration of SAR 1,800,000. The agreed effective date of the transaction is December 31, 2017. Since the consideration paid is lower than the book value of the shares purchased, the expected financial impact of the deal is a net increase in the Group's total shareholders' equity of about SAR 700,000. The deal is self-financed, and Amiantit will pay the agreed consideration amount upon finalization of required legal formalities.

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